Steen
Jakobsen: The Cyprus crisis confirms that Europe in now a full political crisis,
where the upcoming election in Germany creates less flexibility to extend
and pretend. We see growing signs of this stopping the stock market rally.
Reality could be coming back.

Juhani
Huopainen: The European March PMI numbers were a lot weaker than expected. But
as the ECB is not allowed to do anything, the EURUSD shrugged off the news.
Apparently, a deflation threat and recession are OK for the EU.